Free Lance

The state of having a job, but not having an employer.

Benefits:

• More flexible work schedule.
• Generally more money.
• Typically allowed to choose your projects.
• Future employers won't question job-jumping like they would if you were a real employee changing jobs frequently.
  • Which leads to gaining a wide variety of experience.

Disadvantages:

• Lack of stability.
• Usually no benefits (retirement, health insurance).
• More sensitive to economic downturns.
• People at the mall wonder why you're not working. (or is that a benefit? :))

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See also: ProgrammingInsideTheHome, TeleCommuting